Needham has decided to maintain its Buy rating of GLOBALFOUNDRIES (NASDAQ:GFS) and lower its price target from $87.00 to $70.00.
Shares of GLOBALFOUNDRIES are trading down 5.06% over the last 24 hours, at $50.06 per share.
A move to $70.00 would account for a 39.83% increase from the current share price.
About GLOBALFOUNDRIES
GlobalFoundries is a major dedicated contract chipmaker that was originally the manufacturing arm of Advanced Micro Devices before it was spun out in 2009. The foundry sells chips into a range of end markets including smartphones, PCs, Internet of Things, data centers, automotive, industrial, and so on, but primarily focuses on more mature process technologies. Until 2021, the firm was privately held by Mubadala Investment, the sovereign wealth fund of the United Arab Emirates. GlobalFoundries merged with Chartered Semiconductor Manufacturing in 2009 and acquired IBM's chipmaking business in 2014.
About Analyst Ratings
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This article was generated by Benzinga's automated content engine and reviewed by an editor.
